Cardano (ADA) has dipped 2% in the daily charts and 0.8% in the weekly. Despite the recent dip, ADA has maintained some gains in the other time frames, rallying 14.1% in the 14-day charts, 9.3% in the monthly charts, and nearly 35% since late July 2023.
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Despite the lack of any forward price movements, ADA’s Total Value Locked (TVL) has witnessed a significant surge, rising by 38% from $172.78 million to $238.5 million. The increase could represent a rise in the use of ADA-based applications.
Cardano price prediction for July end 2024
According to the analysts at CoinCodex, ADA will continue to trade at around current levels for the rest of the month, signaling a consolidation phase for the asset. The platform predicts ADA to trade at $0.40 on July 31, 2024. Reaching $0.40 from current price levels would translate to a dip of about 4.76%.
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Changelly also paints a similar picture for Cardano for the remainder of this month. Changelly analysts anticipate ADA to trade at $0.412890 on July 29, 2024, a 2.38% dip from current levels.
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There is a possibility that ADA will turn bullish, fuelled by the Ethereum (ETH) ETF launch. The US SEC has approved the ETH ETF to begin trading today, which could lead to a market-wide rally. The launch of the Bitcoin (BTC) ETFs earlier this year led to BTC hitting a new all-time high and also led to other assets witnessing massive inflows. We may see a similar pattern emerge with the ETH ETFs as well.